Online Casinos Provider Suffers Huge Losses

02nd March, 2010

A leading online casinos software provider is the latest company to reveal its figures for the last fiscal year - and it isn't a pretty picture.

Cryptologic, the software giant behind some of the best uk casinos online has announced it's revenue dropped by more than a third, to just under $40m - compared to like-for-like figures of over $61m in 2008.

The Dublin based company blamed 'lower wagering activity across the industry, adverse currency factors and and reduced contribution from a key licensee'.

As well as a dramtic dip in revenues, the company also announced a net loss of over $35m, but was quick to point out that just shy of $25m of this figure was a one-off charge to help realine the business.

Cryptologic's spokesman said of the numbers...

'2009 was a tough year as a number of adverse factors including a global economic downturn overshadowed the company's progress in implementing its new strategy to reduce costs and return to growth.'

On a brighter note the company was able to confirm the signing of over twenty new licensees in 2009, including some of the best uk casinos such as Virgin Games, Betfair and SportingBet.

Cryptologic latest results echo those announced by Ladbrokes, Paddy Power and William Hill.